Save Time and Money: File your taxes Online

[TaxSaver]

It’s the taxing time of the year; however you can always eliminate some amount of your pain by filing your income tax return the e-way.
Online income tax filing ends with the largest refund possible. Every year more and more people are taking the help of computers to help them file their tax returns. The prime reasons of using online resources to file tax return are as follows:

• Easy access: Taxes can be paid anytime from any location through your net-banking account.
• Instant Transfer: Funds can be easily transferred from your account.
• No data entry: Whatever you will write on the e-challan will be directly sent to the Income Tax Department. There will be no data entry done by banks.
• Save: A print out of the challan and the receipt copy can be saved.
• Receive receipt: You will have a legible and clear receipt/counterfoil from your bank once they authorize payment of the amount.
• Transaction id: Your bank statement will consist of your transaction id of the e-payment transaction.
• Check Online: You can check just by sitting at home whether your money has actually reached the I-T Department.

[alexender]

Yes it is indeed a good idea of paying tax online as it is helpful in saving a huge amount of time. You also get to know a lot of things and i am sure that many people will surely like it.

[TaxSaver]

1. The last date for filing a tax return for 2009-10 would be 31st July 2010. You can still file a belated return by 31st March 2011. However after that, there would be a penalty of Rs. 5,000.
2. To get a deduction, the trust or association to which you donate should be certified under section 80G and you must receive the receipt and an 80G certificate.
3. Even if you have a PAN Card, it is not compulsory for you to file a tax return if your income is below taxable limits.
4. You can file your tax return even if you have not done that for the last 4 years by just declaring that the reason behind that was lack of taxable income.
5. The maximum amount which can be claimed for insurance premium under 80C is 20% of the actual capital sum assured provided under section 80C.
6. You can claim an 80C deduction for the amount paid for the insurance of your children.
7. Tuition fees for maximum two children can be claimed under 80C up to Rs.100, 000.
8. Insurance premium paid on life of spouse can be claimed under 80C.
9. Only the interest received from Post office saving a/c will be taxable in the current year provided the same has not already been taxed in previous years on an accrual basis.
10. The Tax implications are not affected by Residential Status. Also whether NRI is from US or any other country is of no consequence.

[flipchick1127]

I agree that filing online, even here in the U.S., is the best way to go. It really makes it simpler to make sure you did not miss anything.